Advance Auto Parts (NYSE:AAP) Upgraded at Wedbush

by · The Markets Daily

Wedbush upgraded shares of Advance Auto Parts (NYSE:AAP – Free Report) from a neutral rating to an outperform rating in a research note published on Tuesday morning, Marketbeat reports. The firm currently has $55.00 target price on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.51 EPS.

AAP has been the subject of several other reports. JPMorgan Chase & Co. decreased their target price on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Evercore ISI lowered their target price on shares of Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating on the stock in a research report on Friday, August 23rd. Mizuho reaffirmed a “neutral” rating and issued a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. TD Cowen lowered their price objective on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Finally, Truist Financial cut their price objective on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $55.36.

View Our Latest Research Report on AAP

Advance Auto Parts Trading Up 1.9 %

Advance Auto Parts stock opened at $39.36 on Tuesday. Advance Auto Parts has a 12 month low of $36.40 and a 12 month high of $88.56. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock has a market cap of $2.35 billion, a P/E ratio of 57.04, a P/E/G ratio of 1.25 and a beta of 1.16. The company’s fifty day simple moving average is $44.83 and its 200-day simple moving average is $60.02.

Advance Auto Parts (NYSE:AAP – Get Free Report) last issued its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The business’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the previous year, the company earned $1.43 earnings per share. As a group, sell-side analysts forecast that Advance Auto Parts will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s payout ratio is currently 144.93%.

Institutional Trading of Advance Auto Parts

Several hedge funds and other institutional investors have recently bought and sold shares of AAP. Hexagon Capital Partners LLC grew its position in Advance Auto Parts by 267.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after purchasing an additional 257 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Advance Auto Parts in the 1st quarter worth $34,000. Mather Group LLC. grew its position in Advance Auto Parts by 1,241.7% in the 2nd quarter. Mather Group LLC. now owns 644 shares of the company’s stock worth $41,000 after purchasing an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in Advance Auto Parts in the 2nd quarter worth $41,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Advance Auto Parts in the 1st quarter worth $43,000. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Advance Auto Parts Company Profile

(Get Free Report)

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.

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